Elyse Dai (Customer) asked a question.
PEXA Settlement Payment Method entry
I have an issue with entering PEXA payment when I try to choose the correct payment method.
I try Direct deposit or setting up a new payment method call PEXA EFT, but it all needs to enter BSB and Account number.
But the question is, PEXA will move the money from bank trust and allocate it to many different uses. It may not just for one account.
In the bank statement, it will be only one transaction to PEXA.
So overall, how can we enter the new payment for PEXA, and which payment method we should choose?
Hello Elyse, thank you for asking this great question. PEXA is capable with your authority to debit a Trust account with one amount that may be distributed to multiple payees based on your instructions. You'll need to carefully check the Rules/Regs that apply in your State/Territory, so take this as general advice until you do so. When the funds are within your Trust account they are considered Trust monies, however once moved into PEXA's platform they will be considered Power Monies - monies that you hold a Power over to determine how used. You would thus need to follow the Rules/Regs applying to recording of Power monies and you can of course use LEAP's respective ledger to record that.
Hi Elyse for accounting purposes we have set up a PEXA card and added their bank details which are found on a PEXA Trust Authority once funds have been authorised - Account name is EC Settlement Clearing AC BSB : 083095
AC No 946 235 492 - we make the payment payable to PEXA as an EFT and use the PEXA Workspace ID as the payment reference - we use PEXA Settlement Monies as the payment reason - we have never had an issue with our Audit doing it this way - hope this helps